Cryptocurrency exchange Binance has launched an Oracle service called Binance Oracle to power the BNB chain ecosystem, making it the first blockchain to use Binance Oracle.

Although the Binance team has stated that they have plans to expand it to other chains. “The ability to connect smart contracts with off-chain data will be available to other blockchains in due course,” BNB Chain Chief Investment Officer Gwendolyn Regina said.

Binance oracle will be used to help block chain applications track real-world data. It will also enable existing decentralized applications (dApps) and other Web3 ecosystem partners on the BNB chain to gain access to leading compute and data sources.

Gwendolyn Regina added: “Binance Oracle will emerge as a major contributor to Web3 by offering a stable, reliable and efficient Oracle network with comprehensive accuracy and accessibility features.” Binance has confirmed that more than ten BNB Chain projects have already been integrated with Binance Oracle.

Additionally, Binance revealed that the Oracle solution would combine the off-chain data needed by applications such as those in the decentralized finance ecosystem. It will also make use of regional domains to ensure system uptime during an unpredictable global crisis.

In addition, the components used to develop the Binance oracle include internal “threshold signatures”, a cryptographic tool used to log into the individual data feed, and price aggregation in blockchain applications securely using a algorithm. This cryptographic mechanism will ensure the high reliability of the oracle and ensures that there is no single point of failure in data security, according to Binance.

The crypto exchange has been holding its own in many areas of the industry lately, capitalizing on its prominent position. Earlier this week, Binance CEO Changpeng Zhao or CZ announced via Twitter that the company is investing heavily in DeFi (decentralized finance). CZ he tweeted: “Binance is investing heavily in DeFi. (not financial advice).”

Weeks before that, the crypto exchange also launched a $500 million fund on Oct. 14 for miners unable to cope with the ongoing downturn in crypto market conditions.

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